Andean Resources to raise $9.8m

FREMANTLE-BASED mineral explorer, Andean Resources, plans to raise $9.8 million though a share placement to fund exploration at its Cerro Negro gold project in Argentina, ahead of listing on the Toronto Stock Exchange. The company will issue 28 million shares at 35 cents, as well as one attaching option for every two new shares issued exercisable at 45 cents, to Toronto based investors. Andean chief executive Wayne Hubert said the placement would provide funding for the company’s remaining exploration programs, as well as giving it the chance to build a shareholder base in North America. The issue is being coordinated by international securities firms Haywood Securities Inc and BMO Nesbitt Burns. The company has also decided to give its existing Australian shareholders an entitlement to acquire shares via an offer to be made under its shareholder share purchase plan. The total amount to be raised under the shareholder purchase plan is $2.6 million.

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